E-commerce aggregator Evenflow secures pre-Series A funding

Evenflow Brands, an e-commerce roll-up that plans to scale up over 100 digital-first Indian brands, has raised an undisclosed amount of funding in its pre-Series A round from early-stage investors Village Global, Venture Catalysts and 9Unicorns.

The investment in Evenflow marks Village Global's entry into the Indian e-commerce aggregator space. The San Francisco-based venture capital firm is backed by multi-billionaire entrepreneurs like Jeff Bezos, Bill Gates, and Anne Wojcicki and has invested in over 200 start-ups across the globe.

Marquee angel investors and funds such as Emil Michael (ex-Chief Business Officer at Uber), Anand Chandrasekaran (ex-Facebook, Snapdeal), Vijay Shekhar Sharma (Founder & CEO, Paytm) and Kunal Shah (Founder & CEO, CRED) along with MaGEHold, Moving Capital, MyAsiaVC and Luminaire Capital also participated in the round.

The star-up intends to use the fresh funds to expand its team, make more acquisitions, and enhance its technology and operations.

Meanwhile, Sandeep Varaganti, CEO of Marketplace at Reliance Retail and former CEO of Prione (joint venture between Catamaran Ventures & Amazon), has also come in as a strategic investor in the Mumbai-based start-up.

Evenflow was founded by former Uber executives Utsav Agarwal and Pulkit Chhabra in May 2021. It acquires and scales up third-party sellers on marketplaces through operational intelligence across the value-chain -- marketing, branding, cataloging, supply chain, sourcing, channel expansion, etc.

It also focusses on creating multi-crore brands across categories where consumers do not have branded options like home & kitchen, sports & fitness, baby care, pet care, gardening, etc.

Evenflow is similar to Thrasio, a US-based company that acquires third-party brands that sell on Amazon and helps build their growth. Evenflow aims to develop over 50 such Indian brands over the next 12-18 months.

Incidentally, Amazon aggregators raised over $12 billion in 2021. E-commerce aggregators are a global phenomenon with such ventures present in countries like US, China, Finland, Germany, Israel, Japan, Singapore and Spain, among others.

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